Vision Insurance Exchange, a new property insurer, has received approval to operate in Florida.The company is spearheaded by Roger Desjadon, previously the CEO of Florida Peninsula Insurance.

Based in Cape Coral, Vision becomes the 15th property-casualty firm to establish itself in Florida following legislative reforms aimed at curbing excessive claims litigation. these reforms, enacted in 2022 and 2023, addressed issues such as assignments-of-benefits agreements and one-way attorney fees.

Desjadon has been a vocal proponent of these reforms. He stated in 2021,”I think it’s beyond just urgent,it’s desperate,frankly. If you were to look at the rate increases that have been going in for the industry, there’s a reason for that and that reason is becuase all of these cases, the lawsuits, the overinflation of claims have gotten totally out of hand.”

Vision Insurance Exchange plans to participate in policy takeouts from Citizens Property Insurance Corp., a state-backed insurer. The company will offer homeowners coverage across the majority of Florida counties, according to its website and statements from the Florida Office of Insurance Regulation.

Mark Berset, former CEO of Comegys Insurance, serves as chairman of the Vision exchange oversight commitee. Ronald Scalzo Jr., formerly with Flagler Insurance agency, is the chief operating officer, and Frank Lattanzio is the chief financial officer. The OIR consent order is publicly available.

“I think it’s beyond just urgent, it’s desperate, frankly.”

Understanding Florida’s Property Insurance challenges

Florida’s property insurance market has faced significant challenges in recent years, leading to higher premiums and fewer options for homeowners. Several factors contribute to this situation, including increased frequency and severity of natural disasters, rising litigation costs, and the complexities of the reinsurance market.